Venetian and Palazzo Las Vegas are no longer affiliated with IHG after a 15 year partnership. As of today, they are now partners with Hyatt.

The 7,000+ room property that has just completed a $1.5 billion renovation, and Hyatt’s member base may be a better fit for the property, hence the long-term licensing deal. Here’s what we know about the partnership now that it’s live.

• Points earning at Venetian is now available, following Hyatt’s usual 5 base points per dollar plus elite bonuses. This applies to earn at restaurants and retailers when charged to the room, and to room rate and resort fees which aren’t waived.

• Stays earn Hyatt elite night credit.

• Chase co-brand credit card now earns 4x at Venetian and Palazzo

• Venetian stays count towards Brand Explorer category 1-4 free night awards (one earned per 5 brands, and Venetian is in the ‘more to explore’ category).

• Hyatt member elite benefits are the same regardless of tier and include Invited Guest check-in, late checkout and suite upgrades based on availability, discounts on gondola rides and on select retail.

• This is another addition to World of Hyatt where redemptions are not part of the award chart, with fixed pricing, but instead revenue-based – all rooms are available to redeem points, based on prevailing rates at the property. This precludes getting outsized value for your points. In other words, consider not redeeming Hyatt points for Venetian stays. The partnership is best viewed as earn-only.

• Benefits apply when booking through Hyatt channels. Venetian will often offer discount deals to their own members. So consider whether the Hyatt points, status, and benefits are worthwhile on a given stay after comparing available pricing.

In addition, to promote the new partnership they have a limited time auction on the FIND Experiences platform with bids starting 1,000 points: “Stay and Play Like A VIP” 3 night stay, 2 tickets to a Sphere concert, food and beverage credit, gondola ride and cabana.

This isn’t everything I’d hoped for. Points-earning and redemption, and accruing elite nights, is alright. A real win would be status recognition. And there’s some of that, like Invited Guest check-in. But with all Hyatt tiers receiving the same level of recognition, I wouldn’t expect too much in terms of upgrades. Maybe a Sphere view? Marriott allows Ambassador members to confirm a suite at MGM properties once annually – there’s more here that can be done at the top tier.

Laurie Blair, Hyatt’s Global Head of Marketing, tells me that they wanted to roll out this partnership as quickly as possible and that they plan to further deepen the partnership. As of now there’s no tier matching for instance.